By Judy Szablak
Special to WestportNow
Unit sales have increased in Westport by 8 percent over last year, and that in itself is promising.
Featured Home This colonial cape on 13 Elmwood Road is listed at $1,459,000. (CLICK TO ENLARGE) Photo courtesy of The Higgins Group/Westport
While that is correct, statistics should be analyzed on more than just one gauge, and cross referenced in order to create the most accurate picture of the market.
For example, it is true that the average sales price year-to-date in 2015 was $1,864,757, and this year the average sale price is $1,606,420.
If you only had the knowledge of this one statistic, the difference of almost $260,000 sounds like we are headed for another drastic downturn, but we are not.
The 14 percent decline is representative of more lower valued single family home sales that occurred this year coupled with fewer higher priced home sales, and should not be misinterpreted to mean that the market is down.
Interpretations can be easily skewed without all of the facts.
Unit sales, neighborhood statistics and multiple analyses are always appropriate, and best deciphered by a local real estate professional who has the knowledge and market sophistication to understand them.
Market Stats
There are 401 homes actively on the market and have been listed for an average of 96 days, with a cumulative market time of 179 days. The average list price is $2,282,732 and the median price is $1,889,000.
A home on Beachside Avenue is the highest priced property for sale at $32 million, and the lowest available priced single family is a two-bedroom cape on Valley Road for $449,000.
Twenty-four new listings came on the market in the last seven days, and one property came back on the market after being under deposit, or temporarily withdrawn. Thirty-four properties had a price change.
Ten properties have gone under the initial deposit stage, which we call CTS, and 13 properties went into pending status, which means that the conditions have been satisfied, and the property is scheduled to close.
The average price of those 13 properties was $1,358,308. There are currently 24 homes in CTS status throughout Westport, and another 64 properties scheduled to close town-wide, with an average price of $1,479,651.
Closings: There were 10 single family homes reported as sold in the last week, and they were listed on average at $1,651,990 with a market time of 111 days. There were 107 status changes in the last seven days.
Condos: There are 12 condominiums that are available, and they have been listed an average of 49 days. Their average listing price is $625,000 and the median price is $625,000.
The highest priced condo in town is listed at $1,195,000 and is a two-bedroom home located at Terra Nova, and the lowest priced unit for sale is a one-bedroom home on Bridge Street for $209,000.
There were no new listings this week, and no homes came back on the market, There were no price changes, no properties went under the initial stage of deposit, and one home entered pending status.
There are no properties town-wide that are currently in CTS status, and there are two properties scheduled to close.
One sale was reported during the last week, and was listed at $419,000. There were three status changes.
Rentals: If you are interested in renting year-round, either furnished or unfurnished, there are 67 homes or apartments available. The median price is $6,500 per month and the average price is $7,502 per month.
These year-round rental opportunities have been on the market an average of 49 days.
There are 60 short-term rental opportunities that are available, and they have been on the market an average of 74 days. Their average price is $18,740 and the median price is $15,750.
Please note that seasonal rental prices are sometimes listed as an aggregate price for the season, or they can be listed as per the monthly rental cost.
Source: Market Data is compiled from the GFC-CMLS and represents activity through our local MLS system. Private sales are not included in these statistics.
Featured Home
This colonial cape on 13 Elmwood Road is listed at $1,459,000.
A wonderfully open and exceptionally versatile layout await in this 3,570-square foot home with a contemporary flair that is located on a cul-de-sac in the Long Lots area.
The main gathering area is an expansive and sunlit great room with vaulted cathedral ceilings and a handsome fireplace. Floor-to-ceiling windows afford a fabulous and private view of the level 1.23-acre property with pool and English garden.
The formal dining room features wainscoting, chair rails and crown molding.
A gourmet galley kitchen with rich ebony wood cabinetry, granite counters and stainless steel appliances opens to the breakfast nook area that overlooks a level and beautifully landscaped 1.23-acre yard.
The charming yet functional main level office features floor-to-ceiling built in shelving and interior plantation window shutters.
A hard to find main level master suite has a sitting area, walk in closet with built in drawers and custom shelving, and a charming updated bath. French doors lead to the 450-square foot blue-stone patio
Three additional bedrooms are on the second floor, and a fifth bedroom is on the lower level, as well as a full bath and recreation room with fireplace, making it a perfect space for a nanny or au-pair.
Schools – Long Lots, Bedford, Staples
Extras and items to note – Four to five bedrooms, including the main level master suite, three full baths, two fireplaces, walk-out lower level, in-ground Gunite pool with cabana, professionally landscaped property with English garden.
Annual taxes are $14,803.
Listing/photo courtesy of The Higgins Group/Westport.
(Editor’s Note: Judy Szablak of Coldwell Banker Westport – Riverside, Fairfield County CT Realtor since 1984 is author of “The Art of Buying or Selling a Home,” and featured on HGTV’s real estate show, “Desperate to Buy.” Email .(JavaScript must be enabled to view this email address) or visit her online at http://www.CThomesAndRealEstate.com.
